Completion of Restructuring of Snoozebox

RNS Number : 5350J

SQN Asset Finance Income Fund Ltd

03 April 2018

 

3 April 2018

SQN Asset Finance Income Fund Limited

Successful Completion of Restructuring of Snoozebox Investment

SQN Asset Finance Income Fund Limited (the "Company" or "SQN"), the leading diversified equipment leasing fund listed in the UK announces that further to its update on 2 February 2018, SQN has successfully completed the restructuring of its investment in Snoozebox Limited ("Snoozebox).

Following the transfer of ownership from the Administrator, Snoozebox has been sold to a new owner which is part of a well-capitalised group experienced in the wider modular accommodation sector and operating in the oil and gas industries.

SQN has entered into a new operating lease, extending the term to 10 years with part fixed and part variable rentals. The Company's outstanding balance due from the Lessee is approximately £8.20m as at 26 January 2018. It is expected that the new lease will result in full amortisation of capital and payment of interest to the Company.

SQN Capital Management, LLC

01932 575 888

Neil Roberts

Jeremiah Silkowski

Winterflood Securities Limited

020 3100 0000

Neil Langford

Chris Mills

Buchanan

020 7466 5000

Charles Ryland

Henry Wilson

 

END

 

 

MSCITMLTMBTMBAP